Turkey has the necessary know-how and potential to act as a center for international arbitration in its immediate region and beyond, country's trade minister said Friday.
Turkey has been laying the legal groundwork for dispute resolution, Ruhsar Pekcan told an event in Istanbul marking the International Chamber of Commerce (ICC) Turkey Arbitration Day 2019 conference.
"The new world economy is built on technology and this complicates business partnerships and agreements," she told the conference.
"This is why the speedy resolution of commercial disputes is very important, she added.
Rifat Hisarciklioglu, the president of the Union of Chambers and Commodity Exchanges of Turkey and ICC Turkey chair, said arbitration played a crucial role in doing business.
"In any dispute, an presence of an impartial, objective, respectable, and regular authority protects all parties," Hisarciklioglu said.
Alexis Mourre, the president of ICC International Court of Arbitration, said Turkey and Istanbul have a promising future for arbitration.
"We believe that the arbitration is about freedom, free competition, transparency, and level playing field," he added.
